Oil Daily | India's Russian Oil Imports Plummet Amid Diversification, Anticipated Sanctions Impact
Market BriefSaturday, Jan 11, 2025 7:00 am ET
1min read【Global Oil Supply and Demand】
India's import of Russian oil fell sharply in November, marking a 55% year-over-year decline. The drop may be due to India's efforts to diversify its oil supply. The country remains a significant importer of Middle Eastern oil, which has been affected by the ongoing Middle East conflict, impacting India's energy security. Indian refiners expect U.S. sanctions to severely impact their supply of Russian crude. The Biden Administration plans to target over 180 tankers transporting Russian oil and impose sanctions on Russia-based maritime insurers, aiming to curtail Russia's oil revenues. Top Asian buyers, China and India, have increased purchases from the Middle East and Africa in anticipation of new sanctions on Iran and Russia. Western sanctions have tightened supplies of Russian and Iranian oil, leading to price hikes for Middle Eastern and African crude. 【Oil-Producing Countries Dynamics】
India has sought to engage Guyana as an alternative energy source to diversify its supply. Guyana, however, is cautious and demands greater predictability in deals, with Exxon Mobil playing a key role in fulfilling India's request for crude. Slovakia has received assurances from Russia for an alternative gas supply route after the expiration of the transit deal with Ukraine. Despite halts in pipeline deliveries, Slovakia's energy needs are currently secure, with Russia's commitment to fulfill its gas supply obligations. 【Industry News】
Romania's OMV has agreed to supply Germany's Uniper with natural gas from the Black Sea's Neptun Deep project starting in 2027. This comes as Europe seeks alternatives to Russian gas. The project's output is set to significantly enhance Romania's gas production capabilities. Norway has replaced Russia as Europe's largest natural gas supplier. Norwegian exports reached record levels in 2024 and are expected to remain high in coming years, accounting for 30% of Europe's natural gas imports. 【Company News】
Constellation Energy will acquire Calpine in a $16.4 billion deal, forming the largest U.S. clean energy provider. This acquisition merges expertise in zero-emission nuclear energy with low-carbon natural gas and geothermal generation, expanding energy products and services nationwide. 【Others】
Indian Gas Exchange Ltd (IGX) plans to launch a 3-6-month gas contract, the longest-duration contract on IGX, pending regulatory approval. This move aims to enhance India's gas market and is expected to benefit from linking prices to global benchmarks as India boosts natural gas use.
India's import of Russian oil fell sharply in November, marking a 55% year-over-year decline. The drop may be due to India's efforts to diversify its oil supply. The country remains a significant importer of Middle Eastern oil, which has been affected by the ongoing Middle East conflict, impacting India's energy security. Indian refiners expect U.S. sanctions to severely impact their supply of Russian crude. The Biden Administration plans to target over 180 tankers transporting Russian oil and impose sanctions on Russia-based maritime insurers, aiming to curtail Russia's oil revenues. Top Asian buyers, China and India, have increased purchases from the Middle East and Africa in anticipation of new sanctions on Iran and Russia. Western sanctions have tightened supplies of Russian and Iranian oil, leading to price hikes for Middle Eastern and African crude. 【Oil-Producing Countries Dynamics】
India has sought to engage Guyana as an alternative energy source to diversify its supply. Guyana, however, is cautious and demands greater predictability in deals, with Exxon Mobil playing a key role in fulfilling India's request for crude. Slovakia has received assurances from Russia for an alternative gas supply route after the expiration of the transit deal with Ukraine. Despite halts in pipeline deliveries, Slovakia's energy needs are currently secure, with Russia's commitment to fulfill its gas supply obligations. 【Industry News】
Romania's OMV has agreed to supply Germany's Uniper with natural gas from the Black Sea's Neptun Deep project starting in 2027. This comes as Europe seeks alternatives to Russian gas. The project's output is set to significantly enhance Romania's gas production capabilities. Norway has replaced Russia as Europe's largest natural gas supplier. Norwegian exports reached record levels in 2024 and are expected to remain high in coming years, accounting for 30% of Europe's natural gas imports. 【Company News】
Constellation Energy will acquire Calpine in a $16.4 billion deal, forming the largest U.S. clean energy provider. This acquisition merges expertise in zero-emission nuclear energy with low-carbon natural gas and geothermal generation, expanding energy products and services nationwide. 【Others】
Indian Gas Exchange Ltd (IGX) plans to launch a 3-6-month gas contract, the longest-duration contract on IGX, pending regulatory approval. This move aims to enhance India's gas market and is expected to benefit from linking prices to global benchmarks as India boosts natural gas use.
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